Energy Efficiency and Decarbonization in the Context of Macroeconomic Stabilization

Anna Misztal, Magdalena Kowalska, Anita Fajczak-Kowalska and Otakar Strunecky
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Anna Misztal: Faculty of Economics and Sociology, University of Lodz, 90-214 Lodz, Poland
Magdalena Kowalska: Faculty of Economics and Sociology, University of Lodz, 90-214 Lodz, Poland
Anita Fajczak-Kowalska: Institute of Information Technology, Lodz University of Technology, 90-924 Lodz, Poland
Otakar Strunecky: The Institute of Technology and Business, 370-05 České Budějovice, Czech Republic

Energies, 2021, vol. 14, issue 16, 1-18

Abstract: Decarbonization is an activity aimed at reducing greenhouse gas emissions to limit climate change and global warming. Ensuring macroeconomic stabilization is the basis for ecological action. The question is whether macroeconomic stabilization helps companies, institutions and countries act for decarbonization. This article presents research on the impact of components of macroeconomic stabilization on decarbonization and energy efficiency in the largest greenhouse gas emitters in the European Union from 1990 to 2020. We focus on the following countries, France, Germany, Italy, Poland and Spain. The contribution to knowledge is using the pentagon of macroeconomic stabilization to assess macroeconomic stabilization’s impact on decarbonization and energy efficiency. According to the correlation coefficients, the Ordinary Least Squares and the Seemingly Unrelated Regression method, there is a statistically significant impact of components of macroeconomics stabilization on decarbonization and energy efficiency. Moreover, our models show a different strength and direction of relationships between the explained and explanatory variables. Research results confirm the necessity to coordinate the macroeconomic with environmental policy. We think that it is essential to use effective tools of economic support (European Union Emissions Trading System, environmental taxes) and greater pressure from European Union institutions on countries that emit harmful substances.

Keywords: energy efficiency; decarbonization; macroeconomic stabilization; economic growth (search for similar items in EconPapers)
JEL-codes: Q Q0 Q4 Q40 Q41 Q42 Q43 Q47 Q48 Q49 (search for similar items in EconPapers)
Date: 2021
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (3)

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